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Jamona Exercise Essay

823 words - 4 pages

Jamona Exercise
Keith Mc Auley
ACC545
January 30, 2012
Deborah Ashbury

Jamona Exercise
Date | Cash Received | Interest Revenue (PV) | Bond Premium Amortization | Carrying Amount of Bonds |
1/1/2006 | | | | 322,744.44 |
12/31/2006 | 36,000.00 | 30,545.34 | 5454.66 | 317,289.78 |
12/31/2007 | 36,000.00 | 29,750.40 | 4958.45 | 312,331.33 |
12/31/2008 | 36,000.00 | 27,046.80 | 4507.85 | 307,823.48 |
12/31/2009 | 36,000.00 | 24,588.00 | 4098.04 | 303,725.44 |
12/31/2010 | 36,000.00 | 22,352.40 | 3725.44 | 300,000.00 |
| | | | |
Journal entries
Purchase of Bond
1/1/2006 Purchase of 12% Bond 300,000.00
Loss on purchase of bond 22,744.44
Cash ...view middle of the document...

00
2/16/2007 purchases 8800.00
A/P 8800.00
3/26/2007 purchases 7200.00
A/P 7200.00
3/26/2007 cost of goods sold 26600.00
Inventory 26600.00

3.
Journal entries
7/06/20XX Building 1,050,000
Land 350,000
Equipment 700,000
Common stock (12,500 X \$100 par) 1,250,000
Paid-in-Capital in Excess of Par 850,000
To record Property Plant and equipment swap for 12500 shares of stock at \$168
Calculations
Total paid 2,100,000
Appraised values
Land 400,000 /2,400,000= 16.67% X 2,100,000 = 350,000
Building 1,200,000/2,400,000= 50% X 2,100,000 = 1,050,000
Equipment 800,000/2,400,000=33.3% X 2,100,000 = 700,000
Journal entry
7/06 -12/15/20XX Building 266,000
Equipment 135,000
Land improvements 122,000
Land 18,000
Cash 541,000
To record improvements on Property Plant and Equipment

12/20/20XX Equipment 265,300
Cash 265,300
To record 260,000 purchase less 2% trade discount plus freight of 10,500

4.
date | Loan | lease payment | Finance charge | Principal | Ending Balance |
1/1/2007 | 32857.78 | 8668 | 3285.78 | 5382.22 | 27475.56 |
1/1/2008 | 27475.56 | 8668 | 2747.56 | 5920.44 | 21555.12 |
1/1/2009 | 21555.12 | 8668 | 2155.51 | 6512.49 | 15042.63 |
1/1/2010 | 15042.63 | 8668 | 1504.26 | 7163.74 | 7878.89 |
1/1/2011 | 7878.89 | 8668 | 787.89 | 7880.01 | 0 |
| | | | | |
PV tables used
Year 18668 X .9091 = 7880.07
Year 2 8668 X .8264 = 7163.24
...

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